Part II – Build the Organization
In the first part of this three-part series, I spoke about the three items related to “Build the Product” namely – Understand the Customer, Understand the Competition and Identify Differentiators (Value Proposition). All these elements contribute to building a product that will have some unique capabilities (at least for some time until competition catches up), will appeal to your customers giving the necessary edge over competition. Having built the right product, it is no important on building the right organization. Recall that in my first part, I had mentioned the need to dream big and having your eyes set on building a large organization even when you start small. Here are few elements that are important for building this futuristic large organization:
- Establish Corporate Philosophy – corporate philosophy in my theory comprises of vision, mission and the core values. They are an excellent way of communicating to investors, employees, customers, alliance partners and other stakeholders, the dream or the business, its purpose and the beliefs of the promoters that will not be compromised under any circumstances. The corporate philosophy also helps to define and set the culture. There will be times when you will be at crossroads of a difficult decision and that will be the time to also demonstrate your own commitment and conviction to the corporate philosophy, “zero tolerance” to violation of corporate philosophy shall be the thumb-rule.
- Establish Brand and Tag-line – brand and tag-line define the identity of an organization/business. Brand is what the business stands for the customers would know it for – in some ways, it should represent your differentiators and unique proposition. More practically speaking, it’s the logo, its usage and many a times accompanied with it – the tag-line, a statement that provides elaboration on what customers and stakeholder can expect from the organization. Be a stickler for precision and perfection when it comes to your brand and tag-line because at some stage, this is what your business/organization be associated with and known for.
- Get right team and the team right – as the organization and business grows, it is a given that promoters/entrepreneurs will not be able to do or oversee everything at the nitty-gritty level in the business and will need to rely on several people. It is critical to have this immediate as set of people who believe in the dream and purpose and share the common beliefs. In short, at some stage they will become the ambassadors of the corporate philosophy and hence must have a conviction and firm belief in it. Under the normal circumstances, I am not a proponent of looking for an “ideal” candidate, however, for this team, I have to say “look and wait for ideal candidate”.
- Develop Eco-system of Alliances and Partners – it is quite natural that no business and organization will be able to do everything on its own. It will need alliances and partner – be it for selling products/services or for suppliers. The whole supply/chain will need collaboration with other businesses and organizations – it is almost like your extended team that this is extended organization. My recommendation here is to be cautious on building this network – align and build this network that shares the core values and will make a positive contribution in helping achieve the dream and purpose.
Part II of the Strategy Essentials has been all about “building the organization” and building it for future – not for today, not for tomorrow but for a sustained and long-term future. No short-cuts here, please!
This blog post has been reprinted here with permission from Strategizers. The original blog can be accessed here - https://strategizersspk.wordpress.com/